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The concept of opportunity cost a) Is irrelevant if the

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The concept of opportunity cost: a) Is irrelevant if the production possibilities curve is shifting to the right. B) is irrelevant in socialist economies because of central planning. c) Suggests that the cost of resources for any particular product is the alternative outputs foregone because these resources are not available for alternative production. d) Suggests that insatiable wants can be fulfilled only if the opportunity costs for fulfilling them approach zero or are negative while the society continues to pay the prevailing wage.

6. Which of the below will not cause the demand for X, a normal good, to increase? a) A decrease in the price of X. b) A change in consumer taste in favor of product X. c) An increase in consumer incomes. d) An increase in the price of a substitute good. e) A decrease in the price of a good that is a complement to X.

7. A price ceiling: a) Is established by individual firms. b) Does not requires government sanction for violators c) Will result in a shortage of the good concerned. d) Will cause new firms to enter the market.

8. If a producer overproduces and sets the price of his product too high to allow him to sell all of his production: a) This will cause a lasting surplus of the good. b) This will create a lasting shortage of the good. c) This will cause a temporary excess-demand condition. d) This will cause a temporary excess-supply condition